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<Research>G Sachs Narrowly Lifts SMIC (00981.HK) TP to HKD135, Upbeat on 5 Key Drivers
Recommend 19 Positive 27 Negative 8 |
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SMIC (00981.HK)'s gross margin in 1Q26 topped Goldman Sachs' expectations. The broker expected that in 2026 the company will be driven by five key factors, including AI trend that drives up demand for supporting analog / logic chips; sustained growth in demand for mainstream products as overseas peers shift their focus to high-end AI chips; ongoing capacity expansion; increased demand from domestic customers due to supply security considerations; and product mix improvement, as demand for higher-margin products grows faster than that for traditional products. Goldman Sachs expected SMIC to maintain a relatively high capacity utilization rate in 2Q26 and to support gross margin through an improved product mix and higher ASP, while ongoing capacity expansion will unlock upside revenue potential. The Buy rating was maintained. The H-share TP was raised slightly from HKD134 to HKD135. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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